Photography firm wants to go public

A Charlotte-based chain of photography studios is the latest North Carolina company aiming to raise money by selling stock on Wall Street.

Portrait Innovations filed plans to raise as much as $75 million in an initial public offering. The company owns 181 studios in 39 states, including in Cary and Durham, and wants to use the IPO money to fuel further expansion.

The company plans to open 30 studios this year and has a goal of 850 nationwide, according to its filing with the Securities and Exchange Commission. Portrait Innovations reported revenue of $111 million last year, up about 14 percent from a year earlier.

The weak economy has hurt demand for professional portraits of children and families. But it's also reduced real estate costs, making expansion easier, the company wrote.